As circumstances are different for each member, there is no specific timeframe for settling a Deceased's membership. We are required to wait a minimum of 30 days from date of death to close and finalise deceased accounts if surplus funds are held after meeting funeral costs.
Once all required documentation has been provided, our staff will assist in arranging for the membership and accounts to be closed and disbursed.
You may like to open an "estate of the late" account and have the funds released to it. An "estate of the late" account is used when an executor requires an account to be opened to collect/manage the estate of a deceased person.
Cheques made payable to the deceased or cheques made payable to the ‘estate of the late’ may be deposited to an "estate of the late" account.
This is usually due to the complexity of the estate or the instructions in the Will, which results in the estate not being able to be finalised for some time.